I was surprised to see the report on Friday in the "Other View" from the Washington Post.
Quote: "The European economic crisis has ceased making headlines. Yet it grinds on bringing sluggish growth, unemployment and falling incomes."
Sluggish growth? No way. I remember seeing a report the other day that they have experienced six quarters of negative growth. That is not sluggish; that is shrinking. It's a disaster in the making.
This technique is also used in the U.S. "The economy is slowly recovering." Really? Yes, based on the politically derived GDP figures.
I think it is now almost impossible for the United States to experience even a recession. The GDP will be modified to keep the balls in the air, to kick the can down the road.
Ben Bernanke, the Federal Reserve chairman, has personally figured out a way to prevent another depression. Why worry about a depression if you will not have a recession? Makes no sense at all.
Why did we need Bernanke? To keep the printing presses going.
Bottom line is that market forces in the end will rule the day. We may have more than fireworks come the Fourth of July.
William J. Sturm